SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Self-Checkout Systems - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 17; Released: October 2021
Executive Pool: 3422
Companies: 75 - Players covered include Diebold Nixdorf, Inc.; ECR Software Corporation; Fujitsu Frontech North America, Inc.; Fujitsu Limited; IER SAS; International Business Machines Corporation; ITAB Group; NCR Corporation; Pan-Oston Company; Slabb Inc.; SPAR International; Toshiba Global Commerce Solutions; Toshiba Tec Corporation and Others.
Coverage: All major geographies and key segments
Segments: Component (Systems, Services); Type (Cash, Cashless); Application (Supermarkets & Hypermarkets, Department Stores, Convenience Stores, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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Global Self-Checkout Systems Market to Reach US$5.9 Billion by the Year 2026
Self-checkout devices are a category of systems that assist in processing transactions. Such devices perform a cashier's job and deliver other services. Self-checkout technology is more beneficial to customers as compared to cash registers and provides greater customer satisfaction owing to factors, such as ease of operation, higher efficiency, greater transactional speed and perceived control. Growth in the global market is set to be driven by the technology's ability to reduce waiting time at retail stores like supermarkets and convenience stores, thus enhancing customers' shopping experiences and lowering operational expenses of stores. The growth of the self-checkout system market is likely to be significantly impacted by the expansion of retail industry, and the level of technology adoption by retail industry players. The growing reliance of consumers on digital payment technologies and the provision for the such payments to be made in self-checkout systems augurs well for the market. The growth in the market is likely to be significantly impacted by the expansion of retail industry, and the level of technology adoption by retail industry players. The growing reliance of consumers on digital payment technologies and the provision for the such payments to be made in self-checkout systems augurs well for the market. With labor shortage becoming a major issue for all industry verticals particularly in view of the ongoing pandemic, the role of self-checkout technologies is likely to play a role in addressing the labor shortage issue facing retail industry to some extent.
Amid the COVID-19 crisis, the global market for Self-Checkout Systems estimated at US$3.1 Billion in the year 2020, is projected to reach a revised size of US$5.9 Billion by 2026, growing at a CAGR of 11.5% over the analysis period. Systems, one of the segments analyzed in the report, is projected to grow at a 10.8% CAGR to reach US$3.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Services segment is readjusted to a revised 12.5% CAGR for the next 7-year period. This segment currently accounts for a 41.8% share of the global Self-Checkout Systems market.
The U.S. Market is Estimated at $1.4 Billion in 2021, While China is Forecast to Reach $814.8 Million by 2026
The Self-Checkout Systems market in the U.S. is estimated at US$1.4 Billion in the year 2021. The country currently accounts for a 41.38% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$814.8 Million in the year 2026 trailing a CAGR of 16.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.3% and 11.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 10.5% CAGR while Rest of European market (as defined in the study) will reach US$930.8 Million by the end of the analysis period. Developed regions of North America, Europe, and Japan account for a major share of the market. The well-established and widespread presence of retail networks like supermarkets and hypermarkets and the high level of digitalization in the regions are presenting opportunities for adoption of self-checkout systems. More
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